Bit Digital Inc. [NASDAQ: BTBT] gained 14.86% or 1.15 points to close at $8.89 with a heavy trading volume of 9435116 shares. The company report on June 10, 2021 that Digihost Announces Strategic Collaboration With Bit Digital to Increase Combined Hashrates by 400 PH.
Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; OTCQB: HSSHF) is pleased to announce that the Company has entered into a strategic co-mining agreement (the “Agreement”) with Bit Digital USA, Inc. (“BTBT”) (Nasdaq: BTBT). Pursuant to the terms of the Agreement, the Company will provide certain premises (the “Premises”) to BTBT for the purpose of the operation and storage of a 20 MW Bitcoin mining system (the “Miners”) to be delivered by BTBT, and the Company will also provide services to maintain the Premises for a term of two years. The collaboration between Digihost and BTBT is expected to generate an increase in hashrate of approximately 400 PH between the companies.
Under the terms of the Agreement, Digihost will provide power for the operation of the Miners and will also provide management services necessary to maintain 95% uptime on the Miners. In consideration for these services, after paying Digihost a very competitive rate for power, Digihost and BTBT will participate in a profit sharing arrangement based on a fixed distribution formula. It is expected that the Miners will be delivered and installed during the fourth quarter of this year.
It opened the trading session at $8.20, the shares rose to $10.08 and dropped to $8.04, the range by which the price of stock traded the whole day. The daily chart for BTBT points out that the company has recorded 50.17% gains over the past six months. However, it is still -659.83% lower than its most recent low trading price.
If we look at the average trading volume of 2.29M shares, BTBT reached to a volume of 9435116 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Bit Digital Inc. [BTBT]:
The Average True Range (ATR) for Bit Digital Inc. is set at 1.07, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 6.23. The Price to Book ratio for the last quarter was 5.74, with the Price to Cash per share for the same quarter was set at 0.58.
Trading performance analysis for BTBT stock
Bit Digital Inc. [BTBT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 10.02. With this latest performance, BTBT shares dropped by -6.42% in over the last four-week period, additionally plugging by 50.17% over the last 6 months – not to mention a rise of 442.07% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BTBT stock in for the last two-week period is set at 46.05, with the RSI for the last a single of trading hit 51.55, and the three-weeks RSI is set at 43.88 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 11.39, while it was recorded at 8.19 for the last single week of trading, and 10.89 for the last 200 days.
Bit Digital Inc. [BTBT]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Bit Digital Inc. [BTBT] shares currently have an operating margin of +5.32 and a Gross Margin at +17.26. Bit Digital Inc.’s Net Margin is presently recorded at +9.14.
Return on Total Capital for BTBT is now 5.32, given the latest momentum, and Return on Invested Capital for the company is 9.19. Return on Equity for this stock inclined to 9.19, with Return on Assets sitting at 8.66.
Reflecting on the efficiency of the workforce at the company, Bit Digital Inc. [BTBT] managed to generate an average of $128,290 per employee. Receivables Turnover for the company is 79.55 with a Total Asset Turnover recorded at a value of 0.95.Bit Digital Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.10 and a Current Ratio set at 11.10.
An analysis of insider ownership at Bit Digital Inc. [BTBT]
There are presently around $6 million, or 1.60% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: JANE STREET GROUP, LLC with ownership of 208,743, which is approximately 38.028% of the company’s market cap and around 23.33% of the total institutional ownership; BANK OF NOVA SCOTIA, holding 125,286 shares of the stock with an approximate value of $1.11 million in BTBT stocks shares; and WOLVERINE TRADING, LLC, currently with $0.42 million in BTBT stock with ownership of nearly New of the company’s market capitalization.
23 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 423,907 shares. Additionally, 12 investors decreased positions by around 359,258 shares, while 0 investors held positions by with 83,613 shares. The mentioned changes placed institutional holdings at 699,552 shares, according to the latest SEC report filing. BTBT stock had 18 new institutional investments in for a total of 340,276 shares, while 7 institutional investors sold positions of 295,286 shares during the same period.